West Palm Beach-Area Office Asset Secures $100M Refi
Cirrus Real Estate Partners provided the loan.
Gatsby Florida has received a $100.4 million loan to refinance two 11-story office towers in Palm Beach Gardens, Fla. Known as DiVosta Towers, the Class A office property spans 220,000 square feet and is fully leased. Berkadia arranged the transaction on behalf of the owner.
Cirrus Real Estate Partners provided the three-year, floating-rate and interest-only loan, which refinances a prior loan from 2022. Previously, each tower was financed with a separate $45 million loan from Deutsche Bank Trust Company Americas, according to Yardi Matrix.
The campus came online in 2020, the same year Gatsby acquired the two-building property from Guy DiVosta’s Cos. as part of an $80 million portfolio transaction, Yardi Matrix shows. At the time of the acquisition, the towers were approximately 70 percent leased.
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Across the property, tenants have access to structured parking, conference and event space, elevators, outdoor areas and EV charging stations. Tenants at the campus include JPMorgan, Wealthspire Advisors, and Virtu Financial, among others. DiVosta Towers is among the newest Class A office developments in the Palm Beach Gardens submarket.
The towers are located at 3825 and 3835 PGA Blvd., with access to Interstate 95 and other major roadways in Palm Beach Gardens. The campus is approximately 15 miles north of Palm Beach International Airport and about 13 miles from downtown West Palm Beach.
Gatsby continues to be active in the Palm Beach Gardens submarket. In November, the company unveiled plans for The Modern at Palm Beach Gardens, a 220,000-square-foot luxury office tower. At the time, the property was already 25 percent preleased. The developer selected Hedrick Brothers Construction as the general contractor in March.
Berkadia Miami Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson arranged the financing for Gatsby.
Other South Florida deals for Berkadia
Aside from this office refinancing, Berkadia has remained active across the South Florida market. Earlier this month, the company arranged $31.75 million in acquisition financing for Fountains Center, a 189,542-square-foot, mixed-use campus in Boca Raton, Fla. Interface Properties purchased the retail and medical office property from Titan Realty Group.
In May, the firm also represented Mast Capital in the sale of Solé Miami, a 249-key hotel in Sunny Isles Beach, Fla., to South Street Partners.
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